Global Aviation Holdings Inc. on Friday filed a restructuring plan that would hand ownership of its charter-airline service to its senior secured bondholders and cut its debt by about $168 million, Dow Jones Daily Bankruptcy Review reported today. More than 80 percent of those bondholders support the plan, court papers show, which Global Aviation said should help it exit chapter 11 protection by the middle of December. Under the plan, the bondholders are slated to receive all of the new shares in the restructuring, subject to dilution by equity-incentive programs, as well as $40 million in new second-lien debt.
